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UPS Retirement Topics
Is Central States pension fund ready to go under?
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<blockquote data-quote="JonFrum" data-source="post: 232174"><p>Sawdusttv,</p><p>If Central States was 100% funded, no employer would incur any Withdrawal Liability if they exited the Fund. The last official word I heard was that the Fund was 63% funded. I assume it is even better funded currently, but I don't know for sure. It's a shame no one in authority puts out official information in a timely manner. It forces us to rely on old data, or current estimates.</p><p></p><p>It's not a "penalty" UPS would have to pay to get out, it's a legal debt they owe. The payment of the debt is triggered by UPS' actual withdrawal, if it should ever occur. </p><p></p><p>UPS is not "offering" $6 billion, they are being advised by the Fund Trustees that they owe $6 billion. Every Contributing Employer can request once a year, that the Fund calculate its Withdrawal Liability and show how the exact figure was arrived at. Now that UPS knows how much it owes, UPS can decide if it wants to stay or go. It seems they still want to go.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 232174"] Sawdusttv, If Central States was 100% funded, no employer would incur any Withdrawal Liability if they exited the Fund. The last official word I heard was that the Fund was 63% funded. I assume it is even better funded currently, but I don't know for sure. It's a shame no one in authority puts out official information in a timely manner. It forces us to rely on old data, or current estimates. It's not a "penalty" UPS would have to pay to get out, it's a legal debt they owe. The payment of the debt is triggered by UPS' actual withdrawal, if it should ever occur. UPS is not "offering" $6 billion, they are being advised by the Fund Trustees that they owe $6 billion. Every Contributing Employer can request once a year, that the Fund calculate its Withdrawal Liability and show how the exact figure was arrived at. Now that UPS knows how much it owes, UPS can decide if it wants to stay or go. It seems they still want to go. [/QUOTE]
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Is Central States pension fund ready to go under?
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